Intest Corp (NYSE: INTT)

InTEST Corporation (INTT) is a global provider of innovative test and process technology solutions, catering to industries such as automotive, defense/aerospace, industrial, life sciences, security, and semi. The company operates through three reportable segments: Electronic Test, Environmental Technologies, and Process Technologies.

INTT's main business activities revolve around the provision of advanced testing and process solutions. These solutions are designed to address complex testing and process challenges, making them attractive to customers in various industries. The company's operations span across multiple regions, including the United States, Europe, and Asia, with a significant presence in the semi market.

The company's revenue is primarily generated through the sale of its products and services. These offerings include temperature-controlled testing, ultra-cold storage solutions, induction heating, digital streaming and image capturing solutions, scalable and universal high-performance ATE integration solutions, and robotics-based electronic production test equipment. These products find applications in various areas, such as semiconductor manufacturing, medical device manufacturing, and industrial process testing.

INTT holds a strong position within the industry, with a long history of innovation and a reputation for delivering high-quality products and services. The company's key competitors include Advantest Corporation, Esmo AG, Reid-Ashman Manufacturing, and Teradyne, Inc. in the Electronic Test segment, and Cincinnati Sub-Zero Products, Inc., Espec Corp., and Thermotron Industries in the Environmental Technologies segment.

INTT's competitive advantages stem from its innovative products, strong customer relationships, and global presence. The company's products are designed to be highly engineered, high-quality, and cost-effective, making them attractive to a wide range of customers. INTT's ability to provide customized solutions and maintain close relationships with its customers sets it apart from its competitors.

The Electronic Test segment is the largest contributor to INTT's revenue, accounting for approximately 53% of the company's total revenue in 2023. This segment provides solutions for back-end testing of wafers and specialized packaged ICs, including mechanical and electrical products for production testing. The segment also includes Acculogic, a company that designs and manufactures robotics-based electronic production test equipment.

The Environmental Technologies segment accounted for around 11% of INTT's revenue in 2023. This segment provides temperature-controlled testing solutions, including ThermoStream products, which are used by manufacturers to stress test semiconductor and electronic components, printed circuit boards, and sub-assemblies.

The Process Technologies segment accounted for around 10% of INTT's revenue in 2023. This segment provides induction heating solutions, including EKOHEAT and EASYHEAT products, which are used in various manufacturing environments to improve production efficiencies and reduce or eliminate greenhouse gas emissions.

INTT's customers include semiconductor manufacturers, third-party foundries, and test and assembly providers, as well as OEMs, which include ATE manufacturers and their third-party outsource manufacturing partners. The company also markets its products to independent testers of semiconductors, manufacturers of automotive, defense/aerospace, industrial, life sciences, and security products, semiconductor research facilities, and manufacturers and manufacturing process integrators for a variety of industrial process applications.

In 2023, INTT's revenue grew by 6% compared to the previous year, driven primarily by increased demand for its thermal test solutions from customers in the defense/aerospace and industrial markets. The company expects to continue growing its revenue in the future, driven by the increasing demand for its products and services in the semi market and other industries. INTT's backlog of unfilled orders was $40.1 million at December 31, 2023, compared to $46.8 million at December 31, 2022.